Part C

Current Attempt in Progress Michelle Walker started her own consulting firm, Walker Consulting, on May 1, 2020. The trial balance at May 31 is as follows. WALKER CONSULTING Trial Balance May 31, 2020 Account Number Debit Credit 101 Cash 112 Accounts Receivable 126 Supplies 130 Prepaid Insurance 149 Equipment 201 Accounts Payable $4,800 209 Unearned Service Revenue 2,100 301 Owner's Capital 19,700 400 Service Revenue 7,500 726 Salaries and Wages Expense 3,400 729 Rent Expense 1,400 $34,100 $34,100 In addition to those accounts listed on the trial balance, the chart of accounts for Walker Consulting also contains the following accounts and account numbers: No. 150 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Payable, No. 631 Supplies Expense, No. 717 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense. Other data: 1. $800 of supplies have been used during the month. 2. Utilities expense incurred but not paid on May 31, 2020, $300. 3. The insurance policy is for 2 years. 4. $400 of the balance in the unearned service revenue account remains unearned at the end of the month. 5. May 31 is a Wednesday, and employees are paid on Fridays. Walker Consulting has two employees, who are paid $1,100 each for a 5-day work week 6. The office furniture has a 5-year life with no salvage value. It is being depreciated at $200 per month for 60 months. 7. Invoices representing $1,700 of services performed during the month have not been recorded as of May 31. $4,400 6,200 1,900 4,800 12,000 Your Answer Correct Answer (Used) Prepare the adjusting entries for the month of May. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) ite Account Titles and Explanation Ref. Debit Credit By Supplies Expense 631 800 Supplies 126 Utilitles Expense 732 300 Accounts Payable 201 Insurance Expense 722 200 Prepald Insurance 130 Unearned Service Revenue 209 1,700 Service Revenue 400 Salarles and Wages Expense 726 1,320 Salarles and Wages Payable 212 Depreciation Expense 717 200 Accumulated Depreciation-Equipment 150 Accounts Receivable 112 1,700 Service Revenue 400 ly ly By ly ly ly 800 300 200 1,700 1,320 200 1,700 Question 5 of 6 (b)